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Old 06-06-2012, 05:34 PM
23 posts, read 69,594 times
Reputation: 17


We are currently the sellers in a situation that has been tumultuous to say the least. Closing has been moved around several times and we are in the process of a cross country move. The buyers are a lovely couple, but one of them has a bankruptcy resulting in foreclosure on their record from less than 2 years ago. We just found out about this and I guess the original loan officer "forgot" to check into it. Big oops. Now our agent has found another loan officer who is working with the non-defaulting half of the couple, and his mother is cosigning on the loan. The closing date was originally set for 6/14 but seeing as this info just came to light yesterday, that isnt happening. My question is, can the buyer qualify for downpayment assistance? He is a first time homebuyer and mom hasn't purchased in the last three years. We have a clause in our PA that says if the buyer is able to procure downpayment assistance, our contributed closing costs are reduced. Hence we have stake in the issue.

Additionally, the buyers would like to move in on 6/14 (not an issue as we will be completely out by 6/12 as we thought the closing was next week) and we will likely be renting to them. Our agent doesn't think we need to specify a damage deposit (this is a dual agency FYI) because we have pending earnest money from the buyers. This makes me uber nervous, as I can see many things happening. I completely respect our agent, but would like some other opinions as I would like to request a damage deposit for the 3 weeks the buyers will be in the property prior to closing. Also suggested was a $35 per diem fee which doesn't close to cover our mortgage payment for that period. Oy!

I am really just looking for suggestions and information and opinions. Thank you all in advance! You have all (agents and commenters alike) been an excellent resource in the past.
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Old 06-06-2012, 06:25 PM
Location: Austin
7,083 posts, read 16,919,944 times
Reputation: 9503
For a 3 week period, yes a deposit should be collected. For 2-3 days, deposits usually aren't collected.

As for the rent amount, in my area, we take the mortgage payment, divide it out over 30 days and charge that per day. Why should the buyer get to live in the house without compensating what you're out... though, granted, it would sit vacant since you're moving anyway, but there is still liability and insurance and taxes and such that you have to pay for them to move in.
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Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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